Ag Market View for Nov 24th
Soybeans and soymeal traded lower. Soyoil traded higher. US stocks were lower. US Dollar was higher. Crude was mixed to lower. Happy Thanksgiving. Soybeans and soymeal ended lower. Talk that Brazil soymeal is a $50 dollar discount to US could lower demand for US soymeal. Same could be said about Brazil Jan soybean export prices are below US. China buying remains slow. Weekly US export sales are delayed until Friday due to tomorrows Holiday. USDA reported 330 mt US soybean sold to unknown. Trade est US weekly soybean export sales near 900-1,800 mt. US soybean export commit is near 1,271 mil bu vs 1,880 ly. Some est exports near 1,950. Matif rapeseed futures traded lower on talk of higher 2022 acres. Canada canola higher. USDA announced 30 mt US soyoil was sold to India.
Corn futures ended slightly lower. CZ is near 5.79. Range was 5.75-5.89. USDA reported 100 mt US corn sold to Mexico. Trade est US weekly corn export sales near 750-1,400 mt. US corn export commit is near 1,298 mil bu vs 1,388 ly. Dalian corn futures traded lower. Matif corn futures made new highs on lower EU supply. Argentina/Ukraine corn supply is higher. This could reduce final US corn exports. Some were hoping exports could be closer to 2,600 vs USDA estimate of 2,500. CK22/CN22 tested 6.00. Farmers should take advantage of this rally in prices. Corn futures are overbought. US weekly ethanol production was above last week and last year. Stocks up from last week but down from last year. Initial support is near 5.69. Bollinger Band support is near 5.51. Key moving average support is near 5.45-5.46. End users should add to coverage near 5.60-5.65. Managed funds continue to add to corn longs. CZ22 made new highs this week. Funds look for US 2022 corn acres to be down from this year and higher than normal chance for a dry summer supportive. Still July corn option volatility remains record low suggest few are trading any US 2022 weather problem.
Wheat futures ended mixed. WZ had an outside day closing lower than Thursdays low. This is a negative tech signal. WZ range was 8.33-8.63. KWZ closed down and near 8.74. Range was 8.65-8..87. Bulls price objective due to lower EU supplies, higher Russia prices and heavy Australia harvest rains was near 9.00. Some feel market has reached its initial objective and was due to a correction. Initial support is near 8.50 KWZ then 8.17. Bollinger Band support is all the way back to near 7.70. Weekly US export sales are delayed until Friday due to tomorrows Holiday. Trade est US weekly wheat export sales near 250-550 mt. US export commit is near 503 mil bu vs 633 last year. Futures have rallied on talk of lower EU and Russia supplies and drop in US winter wheat crop ratings. Long term, a dry US 2022 spring and summer could send futures to new highs.
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